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USDZAR Extends Pullback from Yesterday’s High

ZAR
A slight pullback in both the greenback and US yields has aided performance of the rand through Tuesday trade. USDZAR is down 0.9% at typing and has now erased the entirety of yesterday’s move higher. A recovery in gold (which has bounced over 1% off Monday’s low) is likely accounting for rand outperformance in the EMEA region. In addition, Bloomberg sources reported that President Xi is set to be briefed by Chinese regulators on financial markets, raising hopes of further, potentially imminent market-supportive measures.
  • For USDZAR, initial support to watch is at 18.5385, the Jan 12 low. A break of this level would be a bearish development that could expose 18.1092, the Dec 15 low and key support. For bulls, the post-NFP rally was a positive development. Sights are on 19.2180, the Jan 22 high, a break of which would confirm a resumption of the uptrend.
  • Comments from the SARB Governor may also be supporting the rand. Kganyago defended the independence of the monetary authority, which has faced repeated calls for its mandate to be expanded ahead of elections this year. “Central bank independence came about because we tried central bank dependence and it did not work,” Kganyago said in a speech.
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